Leveraged Finance & CLO Summit
Tuesday, April 21, 2020
April
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OverviewAgendaFeedback from the 2019 Summit

Overview

Overview

What are market attitudes towards leverage as the cycle turns? How much room for manoeuvre is there left? Join the annual event to examine European high yield market conditions and discuss what may magnify risks in 2020 and beyond.

Hear from leading analysts and experienced market figures about the latest trends and shifts in the credit landscape. Look deeper into the impact of deteriorating standards, the increasing role of ESG, and cross sector performance.

Track the trends | How today’s market dynamics translate into high yield credit

Explore the outlook | What will be the default rate drivers in 2020?

Focus on sectors | For more granular insight join the interactive breakout sessions

Engage with the market | Network with 200+ investors, issuers and intermediaries from across Europe

I thought the knowledge and experience of the presenters was top notch. The conversations were thought provoking and there were plentiful of networking opportunities.

Very relevant content. Very knowledgeable and engaging speakers.

Good contextual information on current market picture combined with helpful specifics.

Relevant and snappy.

Great set up, speakers and topics, and all delivered in clear language in reasonably short time frame. Well done!

Agenda

08.00 Moody's Analytics workshop (45 min)

Learn how to enhance your fundamental credit analysis of high yield names using Moody's CreditView

Discover how Moody's CreditView can facilitate your fundamental credit analysis. You will learn how you can quickly access core credit information, and how to deep-dive into a full suite of leveraged finance research, data and services, to help you get it done.

Presented by Moody’s Analytics

08.30Registration & Coffee

09.00 Opening Remarks

Chairperson: Sandra Veseli, Managing Director, Corporate Finance

09.10 Keynote Spotlight Conversation

Guest speaker to be announced

09.45Leveraged Finance Plenary Session

Beyond the Leverage Multiple

Richard Etheridge, Associate Managing Director, Corporate Finance

 

Followed by a Panel Discussion

  • In a lower for longer interest rate environment, does leverage matter anymore?
  • EBITDA add-backs: Now pervasive in most deals, but larger and harder to achieve?
  • Downgrades on the rise: To what extent is deal stress rising? How concerned should investors be?
  • ESG: Increasing in importance but still mostly a sideshow for HY investors?

Led by Peter Firth, Associate Managing Director, Corporate Finance

Aly Hirji, Portfolio Manager, BLACKROCK

Yasmine Bassili, Managing Director, GOLDMAN SACHS

Phil Robertson, Senior Managing Director, CVC CAPITAL PARTNERS

Ruchi Gupta, Credit Analyst, WESTERN ASSET MANAGEMENT

10.45Networking & Coffee Break

11.15CLO Presentation

Dark Clouds on the Horizon

  • Issuance and performance updates
  • Negative outlooks and downgrades: Impact on WARF and trading flexibility
  • How does a tighter arbitrage impact CLO structures?
  • How big a risk is ESG for CLOs?

Co-presented by George Zittis, Vice President –  Senior Credit Officer, Structured Finance

James Morton, Vice President – Senior Analyst, Structured Finance

11.40Sector Focused Breakout Sessions

Agenda

08.00 Moody's Analytics workshop (45 min)

Learn how to enhance your fundamental credit analysis of high yield names using Moody's CreditView

Discover how Moody's CreditView can facilitate your fundamental credit analysis. You will learn how you can quickly access core credit information, and how to deep-dive into a full suite of leveraged finance research, data and services, to help you get it done.

Presented by Moody’s Analytics

08.30Registration & Coffee

09.00 Opening Remarks

Chairperson: Sandra Veseli, Managing Director, Corporate Finance

09.10 Keynote Spotlight Conversation

Guest speaker to be announced

09.45Leveraged Finance Plenary Session

Beyond the Leverage Multiple

Richard Etheridge, Associate Managing Director, Corporate Finance

 

Followed by a Panel Discussion

Led by Peter Firth, Associate Managing Director, Corporate Finance

Aly Hirji, Portfolio Manager, BLACKROCK

Yasmine Bassili, Managing Director, GOLDMAN SACHS

Phil Robertson, Senior Managing Director, CVC CAPITAL PARTNERS

Ruchi Gupta, Credit Analyst, WESTERN ASSET MANAGEMENT

10.45Networking & Coffee Break

11.15CLO Presentation

Dark Clouds on the Horizon

Co-presented by George Zittis, Vice President –  Senior Credit Officer, Structured Finance

James Morton, Vice President – Senior Analyst, Structured Finance

11.40Sector Focused Breakout Sessions

<div class="n-agenda-section-custom simona"><div id="agenda-top" class="n-agenda-anchor"></div><div id="tabtop" class="n-agenda-b-day-container"><div class="n-h2-custom simona">Breakout Sessions</div><div data-duration-in="500" data-duration-out="200" class="n-agenda-b-tabs w-tabs"><div class="n-agenda-b-tabs-content simona w-tab-content"><div data-w-tab="Tab 1" class="w-tab-pane w--tab-active"><div class="n-agenda-content-wrapper-custom-3col simona"><div class="n-agenda-b-stream-content-holder simona"><div class="n-agenda-b-time-column-custom simona"><h2 class="n-agenda-b-time simona">11.40 – 12.20<br></h2></div><div class="_5-col-stream-wrapper-custom simona"><div class="rtb-5-col-purple-custom simona w-richtext"><h1>RETAIL</h1><p>‍</p><p><strong><em>David Beadle</em></strong><em>, Vice President – Senior Credit Officer, Corporates</em><strong><em>‍</em></strong></p></div><div class="rtb-5-col-blue-custom simona w-richtext"><h1>TMT</h1><p><strong><em>Sebastien Cieniewski</em></strong><em>, Vice President – Senior Credit Officer, Corporates &nbsp;</em></p><p><strong><em>Gunjan Dixit</em></strong><em>, Vice President – Senior Credit Officer, Corporates</em></p></div><div class="rtb-5-col-yellow-custom simona w-richtext"><h1>CLO</h1><p><strong><em>George Zittis</em></strong><em>, Vice President – &nbsp;Senior Credit Officer, Structured Finance</em></p><p><strong><em>James Morton</em></strong><em>, Vice President – Senior Analyst, &nbsp;Structured Finance</em></p></div><div class="rtb-5-col-orange-custom simona w-richtext"><h1>Pellentesque molestie, ante a accumsan aliquam, sit amet iaculis urna elit a velit.</h1><h4>Cras velit felis, dictum eu nisl non, hendrerit vestibulum diam.</h4><p>Pellentesque ut ante convallis, eleifend sapien et, venenatis nulla. Cras a aliquet turpis, non finibus nibh. Cras in ullamcorper quam. Quisque eleifend varius nibh, id convallis dolor porta non. Maecenas ligula nunc, eleifend sit amet lorem nec, feugiat scelerisque odio.</p><ul><li>Mauris sed lectus eu massa finibus sodales quis nec dui</li><li>Donec pulvinar tristique lorem, ac fringilla tortor ullamcorper nec.</li><li>Praesent vestibulum efficitur ullamcorper. Phasellus semper eros nec pellentesque pharetra.</li></ul><p>‍<strong>SPEAKERS:</strong><br><strong>Jane Doe<br></strong><em>ABC Investment Bank</em></p><p>‍<strong>John Doe<br></strong><em>XYZ Investment Ban</em>k</p><p>‍<br><strong>MODERATOR:</strong><br><strong>Robby Holditch</strong><br><em>Moody's Analytics</em></p></div><div class="rtb-5-col-green-custom simona w-richtext"><h1>Pellentesque molestie, ante a accumsan aliquam, sit amet iaculis urna elit a velit.</h1><h4>Cras velit felis, dictum eu nisl non, hendrerit vestibulum diam.</h4><p>Pellentesque ut ante convallis, eleifend sapien et, venenatis nulla. Cras a aliquet turpis, non finibus nibh. Cras in ullamcorper quam. Quisque eleifend varius nibh, id convallis dolor porta non. Maecenas ligula nunc, eleifend sit amet lorem nec, feugiat scelerisque odio.</p><ul><li>Mauris sed lectus eu massa finibus sodales quis nec dui</li><li>Donec pulvinar tristique lorem, ac fringilla tortor ullamcorper nec.</li><li>Praesent vestibulum efficitur ullamcorper. Phasellus semper eros nec pellentesque pharetra.</li></ul><p>‍<strong>SPEAKERS:</strong><br><strong>Jane Doe<br></strong><em>ABC Investment Bank</em></p><p>‍<strong>John Doe<br></strong><em>XYZ Investment Ban</em>k</p><p>‍<br><strong>MODERATOR:</strong><br><strong>Robby Holditch</strong><br><em>Moody's Analytics</em></p></div></div></div><div class="n-agenda-b-stream-content-holder simona"><div class="n-agenda-b-time-column-custom simona"><h2 class="n-agenda-b-time simona">12.30 – 13.10<br></h2></div><div class="_5-col-stream-wrapper-custom simona"><div class="rtb-5-col-purple-custom simona w-richtext"><h1>CHEMICALS</h1><p><em>‍</em><strong><em>Martin Kohlhase</em></strong><em>, Vice President – Senior Credit Officer, Corporates &nbsp;</em></p><p><strong><em>Francois Lauras</em></strong><em>, Vice President – Senior Credit Officer, Corporates</em></p></div><div class="rtb-5-col-blue-custom simona w-richtext"><h1>MANUFACTURING<strong>‍</strong>‍<strong>‍<em>‍</em></strong></h1><p><strong><em>Goetz Grossmann</em></strong><em>, Assistant Vice President – Analyst, Corporates &nbsp;</em></p></div><div class="rtb-5-col-yellow-custom simona w-richtext"><h1>HEALTHCARE</h1><p><strong><em>Frederic Duranson, </em></strong><em>Assistant Vice President – Analyst, Corporates </em></p><p><strong><em>Francesco Bozzano</em></strong><em>, Assistant Vice President – Analyst, Corporates </em></p><p>‍</p></div><div class="rtb-5-col-orange-custom simona w-richtext"><h1>Pellentesque molestie, ante a accumsan aliquam, sit amet iaculis urna elit a velit.</h1><h4>Cras velit felis, dictum eu nisl non, hendrerit vestibulum diam.</h4><p>Pellentesque ut ante convallis, eleifend sapien et, venenatis nulla. Cras a aliquet turpis, non finibus nibh. Cras in ullamcorper quam. Quisque eleifend varius nibh, id convallis dolor porta non. Maecenas ligula nunc, eleifend sit amet lorem nec, feugiat scelerisque odio.</p><ul><li>Mauris sed lectus eu massa finibus sodales quis nec dui</li><li>Donec pulvinar tristique lorem, ac fringilla tortor ullamcorper nec.</li><li>Praesent vestibulum efficitur ullamcorper. Phasellus semper eros nec pellentesque pharetra.</li></ul><p>‍<strong>SPEAKERS:</strong><br><strong>Jane Doe<br></strong><em>ABC Investment Bank</em></p><p>‍<strong>John Doe<br></strong><em>XYZ Investment Ban</em>k</p><p>‍<br><strong>MODERATOR:</strong><br><strong>Robby Holditch</strong><br><em>Moody's Analytics</em></p></div><div class="rtb-5-col-green-custom simona w-richtext"><h1>Pellentesque molestie, ante a accumsan aliquam, sit amet iaculis urna elit a velit.</h1><h4>Cras velit felis, dictum eu nisl non, hendrerit vestibulum diam.</h4><p>Pellentesque ut ante convallis, eleifend sapien et, venenatis nulla. Cras a aliquet turpis, non finibus nibh. Cras in ullamcorper quam. Quisque eleifend varius nibh, id convallis dolor porta non. Maecenas ligula nunc, eleifend sit amet lorem nec, feugiat scelerisque odio.</p><ul><li>Mauris sed lectus eu massa finibus sodales quis nec dui</li><li>Donec pulvinar tristique lorem, ac fringilla tortor ullamcorper nec.</li><li>Praesent vestibulum efficitur ullamcorper. Phasellus semper eros nec pellentesque pharetra.</li></ul><p>‍<strong>SPEAKERS:</strong><br><strong>Jane Doe<br></strong><em>ABC Investment Bank</em></p><p>‍<strong>John Doe<br></strong><em>XYZ Investment Ban</em>k</p><p>‍<br><strong>MODERATOR:</strong><br><strong>Robby Holditch</strong><br><em>Moody's Analytics</em></p></div></div></div></div><div class="n-agenda-content-wrapper simona"><div class="n-agenda-item-block simona"><div class="n-agenda-b-time-column simona"><h2 class="n-agenda-b-time simona">13.10 </h2></div><div class="n-agenda-one-row-wrapper-2 simona"><div class="n-rtb-agenda-main simona w-richtext"><h2>Lunch and Close of the Summit </h2></div></div></div><div class="n-agenda-item-block simona"><div class="n-agenda-b-time-column simona"><h2 class="n-agenda-b-time simona">13.25 </h2></div><div class="n-agenda-one-row-wrapper-2 simona"><div class="n-rtb-agenda-main simona w-richtext"><h2>Moody's Analytics Workshop (45 min)</h2><p><strong>Explore techniques in CLO analysis with Moody’s CreditView and the Structured Finance Portal</strong></p><p>From foundational credit assessment to CLO manager comparisons and complex cashflow analytics, get the insight you need to understand the CLO market.</p><p>Presented by Moody’s Analytics</p></div></div></div></div></div></div></div><a href="#agenda" class="n-agenda-back-to-top">Top of agenda</a></div></div>

Guest Speakers

Yasmine Bassili
Managing Director

Guest Speaker

Goldman Sachs International

Guest Speaker

Goldman Sachs International

Managing Director
Yasmine Bassili
Phil Robertson
Senior Managing Director

Guest Speaker

CVC Capital Partners

Guest Speaker

CVC Capital Partners

Senior Managing Director
Phil Robertson
Ruchi Gupta
Credit Research Analyst

Guest Speaker

Western Asset | Legg Mason

Guest Speaker

Western Asset | Legg Mason

Credit Research Analyst
Ruchi Gupta
Aly Hirji
Managing Director

Guest Speaker

BlackRock

Guest Speaker

BlackRock

Managing Director
Aly Hirji

Moody's Speakers

Sandra Veseli
Managing Director
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Managing Director
Sandra Veseli
Richard Etheridge
Associate Managing Director
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Associate Managing Director
Richard Etheridge
Nick Hill
Managing Director
Financial Institutions Group

Moody's Investors Service

Moody's Investors Service

Financial Institutions Group
Managing Director
Nick Hill
Peter Firth
Associate Managing Director
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Associate Managing Director
Peter Firth
George Zittis
Vice President - Senior Credit Officer
Strucutred Finance Group

Moody's Investors Service

Moody's Investors Service

Strucutred Finance Group
Vice President - Senior Credit Officer
George Zittis
Martin Kohlhase
Vice President - Senior Credit Officer, Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Moody's Investors Service

Moody's Investors Service

Vice President - Senior Credit Officer, Corporate Finance Group
Martin Kohlhase
David Beadle
Vice President - Senior Credit Officer, Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Vice President - Senior Credit Officer, Corporate Finance Group
David Beadle
Francesco Bozzano
Assistant Vice President- Analyst
Corporate Finance Group

Moody's Investors Service

Moody's Investors Service

Corporate Finance Group
Assistant Vice President- Analyst
Francesco Bozzano

If you have any questions, please contact

Christopher de Ridder, event manager,

christopher.deridder@moodys.com.